How much should land in the Real Bay Area cost, when they aren’t making any more of it? It’s hard to tell, as most of it is already covered with houses. But today’s featured property, courtesy of Burbed reader Michael Boltonestater, may help us get an idea. All together now: Mountain View, so close to Google!
344 BRYANT Ave
Mountain View, CA 94040
1,216 Sq. Ft.
$3,618 / Sq. Ft.
Lot Size: 0.93 Acres
On Redfin: 1 day
Property Type: Detached Single Family
Style: Traditional, Cottage/Bungalow
County: Santa Clara
3BR/1BA WITH SPACIOUS KITCHEN OVERLOOKING YARD. FEATURES INCLUDE LIVING ROOM WITH REFINISHED HARDWOOD FLOORS, INSIDE LAUNDRY ROOM WITH PANTRY, & APPROVED PLANS FOR REMODEL/EXPANSION INTO SPACIOUS ATTIC AREA. POSSIBLE 4 LOT SUBDIVISION ON APPROXIMATELY 40,000SF LOT (. 93 ACRES). OUTSTANDING DEVELOPMENT OPTIONS WITH ACCESS FROM BRYANT FILOMENA COURT. IDEALLY LOCATED IN WELL ESTABLISHED NEIGHBORHOOD.
You know the agent is just phoning this one in to long list of OPPORTUNITY-minded investors. Otherwise, this house with all its expansion plans could have easily been featured instead of just an aerial shot. Heck, Google even managed to find something once we realized the Redfin map was pointing to the wrong place (over at Beaumont and Apricot, and wonder why that happened, huh?)
Also look at this very odd cul-de-sac that abuts the property (right underneath the lot on the lower right). Looks like it only culled half de sac.
So, do you think land in Mountain View in a good zip without the good schools is worth a million for a quarter acre? Can you make money as a developer when your land costs are that high? New homes in nearby Enclave at Waverly Park development (the old Pumpkin Patch property) went for $2M+, but they built 53 big houses there. Hard to get economies of scale when this lot will support four of them.
Perhaps the third time’s a charm for this huge investment opportunity. The buyer is sticking to this price regardless of which agent has the deal.